Ministry aims to halt Greek greedflation
The Development Ministry is conducting inspections on multinational enterprises regarding their profit margins, along with a survey to find out which products currently offered in the Greek market present a big difference in terms of prices in comparison with other EU countries, Minister Kostas Skrekas said on Tuesday.
In comments to ERT TV, Skrekas said that up to now suppliers have informed the ministry they will cut prices by at least 5% for a six-month period for 213 products and that the ministry wanted to raise this number to more than 500.
He added that price cuts start from 5% and could reach 10-12%.
The minister said the government is implementing a plan to deal with inflationary pressures, focusing on supporting incomes, market inspections, combating profiteering, boosting competition and strengthening the power of the consumer.
Skrekas noted that the ministry’s goal was to stop the phenomenon of greedflation.
“We are conducting inspections, we have set a ceiling on profit margins. Any company, any supplier that exceeds this ceiling will be heavily fined,” Skrekas said, adding that multinational companies importing detergents and personal care products are currently under inspection.
“We will protect Greek consumers and the Greek family and we’re determined to do it,” Skrekas noted, adding that inspections will intensify and that enterprises must respect households’ needs.
